Point Resources is pleased to announce that the partners in the Pil & Bue discoveries have concluded that a subsea installation tied back to the Njord platform is the preferred development solution. In the process leading to the final selection the licence partners matured three equally competing concepts.

The Pil & Bue discoveries were made in 2014 in licence PL586 which is located in the Halten Terrace area of the Norwegian Sea. Point Resources has a 45% interest in the licence with partners VNG Norge AS, the operator, and Faroe Petroleum Norge AS.

The Njord platform is currently in Kvaerner's Stord facility in Norway undergoing extensive modifications that will extend its operating life and accommodate a number of new satellite field tie-back developments such as Pil & Bue. In the coming months the Pil & Bue development solution will be matured through the Front End Engineering Design (FEED) stage towards a formal field development plan.